Massachusetts Governor Charlie Baker signed a supplemental spending bill that reinstates video and telephone counseling for reverse mortgage borrowers until July 15, 2022. The Massachusetts Division of Banks … more Telephone/Video Counseling Extended in Massachusetts
Legislation
NRMLA Submits Letter to PA Lawmakers
NRMLA sent a letter to 18 lawmakers in Pennsylvania who have co-sponsored legislation (House Bill 2316) that would implement new counseling requirements. While NRMLA is generally supportive of … more NRMLA Submits Letter to PA Lawmakers
Senate Aging Committee Releases Financial Literacy Resources
The U.S. Senate Special Committee on Aging released a bipartisan report that examines the real-time information and help older Americans and people with disabilities need as they face … more Senate Aging Committee Releases Financial Literacy Resources
An Overview of Reverse Mortgage History
NRMLA has created the following infographics that highlight key moments in the history of reverse mortgages and the FHA Home Equity Conversion Mortgage program. Please click on the … more An Overview of Reverse Mortgage History
NY and MA Reverse Mortgage Legislative Updates
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In-Person Counseling to Resume In Massachusetts
The Massachusetts Division of Banks has notified licensees that in-person counseling will resume for reverse mortgages “originated from December 15, 2021.” The Division of Banks is defining “originated … more In-Person Counseling to Resume In Massachusetts
New York Governor Signs Reverse Mortgage Co-op Bill
NRMLA is pleased to report that New York Governor Kathy Hochul signed legislation into law that permits reverse mortgages on cooperative housing for persons aged 62 and older. … more New York Governor Signs Reverse Mortgage Co-op Bill
Senate Testimony: Reverse Mortgages Can Help Improve Retirement Security
Reverse mortgages offer a potentially useful tool to convert illiquid housing wealth into money to live on during retirement, according to congressional testimony provided by Shai Akabas, Director … more Senate Testimony: Reverse Mortgages Can Help Improve Retirement Security
CFPB Director Discusses Priorities With House Committee
In his first public hearing before the House Financial Services Committee, newly confirmed CPFB Director Rohit Chopra outlined his priorities and positions on a number of issues. … more CFPB Director Discusses Priorities With House Committee
Senate Advances Chopra Nomination As CFPB Director
By a vote of 50 to 48, the Senate approved the nomination of Rohit Chopra to be director of the Consumer Financial Protection Bureau for a five-year term. … more Senate Advances Chopra Nomination As CFPB Director
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